Some of you may remember this post of mine from a while back, expressing the strong suspicion that Bitconnect was a ponzi scheme or similar. Well would you look at those chickens come home to roost? To think that some even doubted me.
I've been at this for a long time. Sniffing out frauds, I mean. Long time readers will recall the series of articles I did instructing readers how to identify ponzi, 419, multi-level marketing, investor, publisher's clearing house scams and more. (See bottom of this article)
Now, I won't pretend I knew exactly what type of scam it was. They often do a very good job of making it difficult to suss that out at a glance. If you run one of these scams and don't obfuscate what you're up to, it doesn't last long enough to make you any money.
I knew it smelled fishy as fuck though. That's what over a decade of studying the anatomy of scams gets you. No matter how they dress it up, you'll know when something's not quite right about it. These fuckin' things spring up faster than they can be shut down too, like chopping off the heads of a hydra only for three more to grow from the stump.
Equip yourself to recognize this kind of thing before you're taken advantage of by reading my articles about how to identify various types of scam by their fundamental structure:
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-a-ponzi-scheme-and-does-steemit-qualify
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-an-investment-scam
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-a-publisher-s-clearing-house-scam
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-a-419-email-scam
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-a-cult
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-a-pyramid-scheme
Stay Cozy!...and Skeptical Too!
Unfortunately I invested in it and now I’m waiting in seeing what will happen with my money
Finally, This scam is going down. I feel sorry for those that lost their funds but they were probably warned a dozen times!
2 months ago, I published 2 deep analysis on the topic (the first one went Viral with 7k+ views) trying to warn new investors.
Take a look if you want to understand why it was OBVIOUS it was a Ponzi Scheme.
Take care my CryptoFriends!
if only this fucking guy could have yelled louder.
Bad news..BitConnect screamed "ponzi scheme." But they knew how to promote: videos with "Craig Grant" popped up all over YouTube anytime I did a search for "bitcoin" videos. Hopefully I'll never have to see his face again.
like chopping off the heads of a hydra only for three more to grow from the stump. That is funny man. But no for real I lost alot of money and it is disappointing.
Wherever there's oceans of investment money waiting to be spent, there will be scams. I never really understood why scammers scam. I mean, there are plenty of folks out there making amazing profits in this space by actually doing something cool and useful. Scams may be profitable in the short run, but they burn out fast and are liable to end you in a heap of trouble or at least sully your name and reputation. I just don't get the logic behind it.
Truth will always come out in the end. I too had been seeing mix reviews about bitconnect in many blogs and sites I visited. Though we have to give it to them, they sure know how to look legit. Anyone without much experience in this sort of stuff will easily be pull in by their promises of a quick profit. Also well done in calling this out before the issue exploded. Those detractors of yours must be red as tomato out of embarassment or gnashing their teeth for not listening.
@alexbeyman,
Yeah it's a totally sh!t! From day one I also hated that scam :D
Cheers~
Alex - Yes I can remember you said BCC is a shit & what you said at that day happens...
+W+
Nice to be vindicated. Congrats on sticking to your guns.
I honestly didn't really know much about bitconnect until one day I saw a video of one of their crazy cult rallies. At that point I knew it was a scam. Reminded me of a multi-level marketing hype rally on steroids!
The sad thing is, the guys running it, are probably filthy rich from it and likely will get away with it.
It was a good short-term investment. If you understood how it works and was fast enough to get your funds back.
Sad about what happened to people who entered in late 2017, beginning of 2018 and were invested until now.
But I think I would never risk it anyway, hmmm... There were other good coins to buy.
I've heard the news yesterday. That's just sad...
All these people were scammed and lost their money. How cruel is that...
Even though they were warned many times...
It may have been a scam....but it was a good one. I made round 5k on it...so tbh...dont care. :D
I remember reading the original BitConnect post, but I was never involved with them/did any of my own research. Non-regulated markets = a lot of potential for scamming out there.
I would say it is time for operation clean-up. Hopefully, this step will clear out spams and scams from crypto-trading.
I really had no idea about it, but glad scum bags got caught sooner or later.
Well, this was certainly no surprise.
My only concern is how will this affect the crypto world in general. May be the first real-giant ponzi scheme related to crypto. Loss of confidence is to be expected.
Let's wait and see...
OOO Man that is indeed a very bad news especially the people who have spent their savings in it !Hope they figure out a way out of it !
Your post is really good because I get many things to learn from you in my post. Thank you so much for sharing with us. I hope you share a better educational post in the future.
great one
Very bad news.
Upvoted and resteemed done
Just it HODL
UPVOTED AND RESTEEM
anybody could have sensed it i been telling people about the bitcoin crash since December but nobody would listen. I clearly was stating to put your chips elsewhere and not all in bitcoin. But this is a great read man, good minds think alike and you my friend have a good mind
Bitconnect is different from Bitcoin, even though they sound similar. Bitconnect is the scam, it just made use of Bitcoin for its micro loan system.
thanks for share important news
All need a process, but your article really leads me to better understand
i will follow your post. keep posthing like this
We don't expect it,
Need to fix it.
A bad news indeed for people who spent their savings for it :( I hope there will be a way out for this and they are gonna figure it out smoothly!
Dude i feel you..! looks like you've invested a fair amount in bitconnect your title only showing anger while sharing this news. Don't worry Keep calm and keep investing :D :p @alexbeyman
Nope, I never bought any.
I am getting very crying at the price of Bitcoin.
Bad news.Truth will be revealed soon
-cheers-
this is a very bad thing..however they will discover a way to get out of this..i am sorry for the loss..dont worry..there will be a solution
@alexbeyman Wow Jerry that was a lot of work, thank you!
I will check them out when I get home this evening and can sit down and read.
damn thats bad
Well, at the right time no one focus on your thinkings but when time get's off everyone analyze it :)
hahahhahha what happen dude!
Wow just amazing man I really like you
Amazing post sir.Thanks for sharing it.
Reteemed and Upvoted
nailed it bro